Nordea’s money laundering work criticized in report

In 2015, an external report highlighted deficiencies in Nordea’s anti-money laundering efforts. Special Prosecutor Karen Moestrup Jensen mentioned this in Copenhagen City Court, addressing Nordea’s alleged significant violations of anti-money laundering laws from 2012-2015. Nordea had multiple years of work ahead to meet industry standards, with a need for stronger leadership and coordination in anti-money laundering initiatives. The bank had admitted flaws in combating financial crime during that period. In its 2015 annual report, Nordea acknowledged underestimating the complexity and resources required to meet anti-money laundering demands, following a 50 million SEK fine from the Swedish Financial Supervisory Authority. The National Unit for Special Crime accuses Nordea of inadequate monitoring of transactions worth 26 billion kroner. Despite admissions, Nordea pleads not guilty to all charges.